Item 1.01. Entry into a Material Definitive Agreement.
On October 6, 2008, Santarus, Inc. (the "Company" or "Santarus") entered into
a second amendment to the Service Agreement, dated November 3, 2006, between the
Company and Ventiv Commercial Services, LLC (d/b/a inVentiv Commercial Services,
LLC) ("inVentiv").
Under the original agreement, inVentiv agreed to provide sales support to
promote Santarus' ZegeridŽ brand pharmaceutical products in the United States.
In consideration for inVentiv's services under the agreement, Santarus agreed to
pay to inVentiv a monthly fee, subject to adjustment based on actual staffing
levels. Santarus is currently utilizing approximately 100 inVentiv
representatives. The initial term of the Service Agreement expires on
December 1, 2008.
Under the amended terms, Santarus has exercised its right to extend the term
of the Service Agreement for two additional one year terms. The Service
Agreement now expires on November 30, 2010, unless terminated earlier in
accordance with its terms.
Under the amended terms, inVentiv's sales representatives will expand their
marketing and promotional activities to include GlumetzaŽ (metformin
hydrochloride extended release tablets) 500 mg and 1000 mg tablets.
The foregoing description of the amended terms does not purport to be
complete and is qualified in its entirety by reference to Amendment No. 2 to
Service Agreement, a copy of which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1+ Amendment No. 2 to Service Agreement, dated as of October 6, 2008,
between Santarus, Inc. and Ventiv Commercial Services, LLC (d/b/a
inVentiv Commercial Services, LLC)
|
+ Application
has been
made to the
Securities
and Exchange
Commission
to seek
confidential
treatment of
certain
provisions.
Omitted
material for
which
confidential
treatment
has been
requested
has been
filed
separately
with the
Securities
and Exchange
Commission.
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